What are Tax credits?
Tax credits are dollar-for-dollar reductions in the amount of tax owed to federal, state, or local governments, making them more valuable than tax deductions, which only reduce taxable income. Credits directly decrease tax liability on a one-to-one basis, meaning a $1,000 tax credit reduces taxes owed by exactly $1,000. Common business tax credits include the paid family leave credit, work opportunity tax credit, and research and development credits. Individual credits include Child & dependent tax credits and education credits that provide direct tax savings for qualifying families.
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